An International Monetary Fund (IMF) staff mission is scheduled to arrive in Accra on September 29, 2025, for Ghana’s fifth programme review under the US$3 billion Extended Credit Facility (ECF).
The review, which follows the completion of the fourth assessment earlier this year, will evaluate Ghana’s progress on key fiscal and macroeconomic targets.
It is also expected to determine whether the country qualifies for the next disbursement of about US$360 million in October.
To date, Ghana has received approximately US$2.3 billion since signing onto the programme in May 2023.
The fifth review carries added weight as it is the penultimate assessment before the programme concludes in May 2026.
The upcoming IMF mission will assess Ghana’s economic data up to June 2025, with discussions expected to focus on key areas of concern.
These include inflation trends and the effectiveness of policy measures, the sustainability of reserve accumulation, and fiscal discipline—particularly progress toward achieving the 1.5% of GDP primary surplus target.
The review will also examine the build-up of arrears in statutory funds such as the National Health Insurance Levy (NHIL), GETFund and the Road Fund, as well as the recapitalisation needs of weak private banks and state-owned institutions, including the National Investment Bank (NIB).
In addition, gaps in social spending and protection programmes are likely to feature prominently, as the IMF evaluates Ghana’s ability to balance fiscal adjustment with safeguarding vulnerable groups.
Ghana risks facing fiscal pressures once IMF oversight ends, raising concerns about post-programme discipline.
Development partners have urged the government to put in place “shock absorbers” to prevent economic slippages, but authorities insist that reforms and expenditure controls are already in place to reassure markets.
The IMF approved the SDR 2.242 billion (about US$3 billion) arrangement for Ghana in May 2023 to restore debt sustainability, rebuild reserves, and support structural reforms.
The programme’s key priorities include strengthening revenue mobilisation, improving public financial management, curbing inflation, preserving financial stability, and creating conditions for private-sector-led growth.
With one final review scheduled for April 2026, the upcoming assessment will serve as a critical test of Ghana’s ability to maintain reforms and sustain market confidence as the country prepares to exit IMF support.
